In a move to strengthen its position as a growing centre of diamond trade, Dubai will host the Presidents' Meeting of the World Federation of Diamond Bourses (WFDB) in 2011, Dubai Multi Commodities Centre (DMCC) said recently. The 2011 Presidents' Meeting will be hosted by Dubai Diamond Exchange, following the 2010 World Diamond Congress in Moscow in July next year. The Dubai Diamond Exchange (DDE) is a subsidiary of the Precious Gems Division at DMCC, an initiative of the government of Dubai to set up a commodities market place in Dubai. A member of the World Federation of Diamond Bourses, DDE enables members access to international member exchanges. Its members represent global players from New York, Antwerp, South Africa, Mumbai, the UAE and other international diamond centers. The objective of the WFDB is to protect the interests of affiliated bourses and their individual members, and promote global trade in diamonds. The Presidents' Meeting is convened by the senior leadership of the world diamond industry's two leading representative organizations, the WFDB and International Diamond Manufacturers Association (IDMA). Held biennially in years in which a World Diamond Congress does not take place, the Presidents' Meetings serve as a forum for representatives from 28 diamond exchanges and 15 diamond manufacturer organizations from 23 countries. “In just over a few years, Dubai has transformed itself as an international center for the diamond trade,” said Bin Sulayem. “Through its Master Plan for the diamond trade in Dubai, DMCC has played an active role in bringing together the entire value-chain of diamond traders in the emirate and across the globe.” DMCC's purpose-built Almas Tower is now home to many of the leading names in the regional and international diamond trade,” he added. “Today, the annual diamond trade through Dubai stands at over $20 billion, and is growing at a steady pace. A gateway to the world's largest producer of polished diamonds and the world's third-largest diamond consuming region, Dubai is an ideal location for the WFDB Meeting in 2011,” he added. In 2010, the global demand for polished diamonds is expected to increase by 25 percent, while demand for rough diamonds is likely to rise by 79 percent. While overall demand will still be lower than 2008, 2010 is expected to be less volatile both in terms of demand and supply. The industry figures also suggest that the Middle East is the only market projecting positive growth in the diamond trade in 2010 The outlook for the diamond trade in 2010 is positive, as the industry expects to reach a new equilibrium with stabilizing retail sales and prices. Recently, DDE appointed a new board of directors composed of high-profile members of the international, regional and local diamond and jewelry industry, with the aim to attract new business to Dubai and to elevate further the emirate's status as a leading participant in the international wholesale diamond trade. __
